Core Insights - Cardinal Energy Ltd. reported a decline in petroleum and natural gas revenue by 12% for both the fourth quarter and the full year of 2025 compared to 2024, with revenues of $129.5 million and $533.7 million respectively [3][4] - The company achieved record production volumes of 23,514 boe/d in Q4 2025, marking a 13% increase from the previous quarter and a 7% increase year-over-year [5][10] - Adjusted funds flow for Q4 2025 was $46.1 million ($0.28 per diluted share), down 29% from the previous year, while the annual adjusted funds flow was $205.1 million ($1.27 per diluted share), a 23% decrease [3][5] - Cardinal's capital expenditures for 2025 totaled $77.7 million, a decrease of 25% from 2024, primarily focused on drilling and completion activities [5][7] Financial Performance - Petroleum and natural gas revenue decreased to $129.5 million in Q4 2025 from $147.8 million in Q4 2024, and annual revenue fell from $605.3 million in 2024 to $533.7 million in 2025 [3] - Cash flow from operating activities was $43.5 million in Q4 2025, down 18% from $53.1 million in Q4 2024, and annual cash flow decreased from $247.5 million to $206.8 million [3] - The company reported a net loss of $29.9 million in Q4 2025 compared to earnings of $25.8 million in Q4 2024, with annual earnings dropping from $108.4 million to $20.8 million [3] Production and Operations - Average daily production for 2025 was 21,870 boe/d, consistent with 2024, despite a 24% decrease in conventional development capital expenditures [5][9] - The Reford SAGD project entered production in Q4 2025, achieving nameplate production of 6,000 bbl/d ahead of schedule, with average production in Q1 2026 exceeding 6,500 bbl/d [10][11] - Cardinal's conventional operations contributed approximately 96% of total production, with modest drilling activity due to prioritization of the Reford 1 project [9][22] Capital Expenditures and Investments - Capital expenditures for Q4 2025 were $24.5 million, including investments in drilling and completion of wells, and the company disposed of non-core assets for $0.6 million [5][7] - In 2025, Cardinal invested approximately $136.5 million in exploration and evaluation expenditures, primarily for the Reford SAGD project [5][11] - The company maintained a total payout ratio of 117% in Q4 2025, reflecting a significant increase from 69% in Q4 2024 [3] Debt and Financial Position - At the end of 2025, Cardinal had a net debt of $281.9 million, up 104% from $138.3 million in 2024, with a net debt to adjusted funds flow ratio of 1.4 [3][41][46] - The company had drawn 58% of its $240 million credit facilities, amounting to $138.6 million [5][8] - Cardinal's adjusted working capital deficiency improved to $43.3 million from $52.7 million in 2024 [3][39] Future Outlook - Cardinal plans to invest $160 million in 2026, targeting average annual production volumes of 25,000-25,500 boe/d, contingent on crude oil prices remaining above $60.00/bbl [19] - The company anticipates the Reford 2 SAGD project to come online in the second half of 2027, building on the success of Reford 1 [17][18] - Cardinal aims to provide sustainable returns to shareholders through dividends while pursuing growth opportunities in thermal oil projects [18]

As filed with the Securities and Exchange Commission on January 19, 2024. Registration Statement No. 333-275129 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GREENFIRE RESOURCES LTD. (Exact name of Registrant as Specified in its Charter) NIA (Translation of registrant's name into English) Canada 1311 Not Applicable (IRS Employer 1900 – 205 5th Avenue SW Identification Number) Calgary, Alberta T2P 2V ...